Transcripts For BBCNEWS BBC Business Live 20240714 : vimarsa

BBCNEWS BBC Business Live July 14, 2024

Inquiry into president trump, which increases Political Risk in the worlds biggest economy. Europe is down, asian stocks down. Oil prices falling too. And do you need an extra body boost during or post workout . Nutrition supplements are becoming main stream. Well speak to one former england cricketer about how hes cashing in. Could taxing frequent flyers more be a way to tackle aviation emissions . Thats on proposal being put forward. The uk government is looking at it. Will it work . Will we just get used to it . Or, will it cause us to fly less . Let us know just use the hashtag bbcbizlive. Hello and welcome to business live. Welcome to the programme. We start in the uk, where politicians will, in just a few hours from now, head back to parliament. Its after yesterdays historic ruling by the Supreme Court that Prime Minister Boris Johnsons move to prorogue or suspend parliament was unlawful. Mrjohnson is now facing calls to resign. So what happens next . On 17th and 18th october, the European Council is meeting and this will be the last opportunity for the uk to negotiate a Withdrawal Agreement ahead of the brexit deadline. October 31st, halloween, is the key brexit date. At the moment, its the last day the uk is still part of the eu. But parliament has passed a law requiring Boris Johnson request an extension if no deal has been reached by the end of the eu meeting. The big question is, will there be another general election in the uk, and when . The opposition Leaderjeremy Corbyn says hed support a vote for an election once that october 31st brexit deadline has passed. Thank you. With us now is edwin morgan, interim director general of the institute of directors. So, back to work in parliament, as it were, for business leaders. What does it mean for them, if anything . Most businesses are struggling to work out what practically it means that i was in brighton last night at the Labour Party Conference with a group of our members. They have no idea if this changes the situation substantially. Most businesses are doing some planning for the 31st. It is hard for a lot of them to plan because businesses can check out things like the supply chain and exports and imports but a lot of the impact would be on demand with customers stopping buying from us or reducing orders and that is hard to prepare for. Despite all of that, businesses have to get ready for the possibility of no deal on october the 31st. In some ways they had a dress rehearsal at the end of march and Many Companies stockpiled and they have been gradually working through that infantry since. Presumably they can do it again in the pan might get kicked down the road until january. The pan might get kicked down the road untiljanuary. We are seeing indications of some stockpiling but it does not look as expensive as it was in march. Perhaps some of the stock levels have stayed elevated and they are still selling those down. It is very difficult for businesses because it is responsible only to prepare and do as much as you can encase no deal does happen that, as you say that we can well be looking at another extension. Had they made money and made preparations they did not need to . Have they made . You have been clear that you would like to remain in the European Union. What do you think has been the impact of all of this . We can look at uk growth numbers, etc, but from your perspective, what is the impact so far . We did not campaign during the referendum. Our members generally are practical people, they ran businesses. They have tried to roll with the punches, accept the result of the referendum. Everything since has been a bit of a mess. This is the direct opposite of the process businesses would have wanted to have seen. There has been no compromise in parliament. Parliament has been very good at telling us what they do not want but have not got a deal or a plan. Hopefully when they come back they will be more of a spirit of compromise. I am not too hopeful, i have to admit. It has dented and chipped away at the reputation britain has at being sensible and pragmatic and businesses are fed up. Business leaders must be thinking, if we extend into january, politicians will be going around in circles for another three months or so circles for another three months or so stock that does not help us. October the 31st deadline, whatever that means, whether it is a no deal and a Withdrawal Agreement in place, at least we can say we are moving on. Businesses at least we can say we are moving oii. Businesses are at least we can say we are moving on. Businesses are in an impossible situation. Most members would say an extension would be better than no deal. It is not unanimous opinion stop summer getting so frustrated at any kind of movement. Unanimous opinion and some are getting so frustrated. We had to have some relationship with the eu, it is our biggest and closest trading partner. Whatever happens, we need to be together, better that was smooth and orderly in transition with businesses knowing what was happening and it was not all pales. Thank you very much indeed. All in chaos. Lets take a look at some of the other stories making the news. The us state of massachusetts is imposing a four month ban on the sale of all vaping products amid concerns about the Health Effects of the relatively new devices. At least six deaths have been linked to vaping in the us, and officials are investigating a50 cases of related lung illnesses. Germany will guarantee a moo million bridging loan for condor an airline partially owned by the collapsed British Travel firm, thomas cook. Germanys economy minister says the loan will allow the airline, which is profitable, to keep flying and save about 5,000 jobs. The move is subject to eu approval. Shares in nike have risen in after hours trading after its latest results beat market expectations. The firms strategy of selling trainers and apparel directly to consumers seems to be paying off, with margins climbing dramatically to over 45 , well above analysts expecations. The indian low cost Airline Spicejet is weighing up whether to buy 100 airbus planes worth about 13 billion. This could be a blow to rival boeing, which has been the airlines go to plane maker until now. Jagdip cheema joins us now from mumbai. Lovely to see you. Tell us a bit more about spicejet . The chairman said it received an offer for about 100 planes from airbus. Spicejet is trying to continue expansion plans which have hit a bit of a after boeing grounded 737 max. It wants to expand by a further 60 and like other budget carriers, such as indigo, they are trying to make up the gap. Spicejets story is a real rag to riches. It was struggling and the chairman pumped in his own money and after that it cancelled its loss making routes and has been expanding year on year since then. Thank you very much indeed. Lets have a look at the markets. Asian stocks tracked wall street to end the day lower. Theres a prevailing risk off sentiment after the launch of a formal impeachment inquiry against president donald trump. That creates the propsect of prolonged Political Uncertainty in the worlds biggest economy. Thats compounded investors anxieties with confidence already shaken by us china trade tensions and global recession risks. And oil has also fallen as a result. Lets see how europe is doing. Sterling fell against the dollar, giving up some of its overnight gains, as persistent uncertainty over how britain will complete its divorce from the European Union dogged the pound. The boss of wework, adam neumann, has agreed to step down as chief executive of the Office Rental firm, saying its in the best interests of the firm. Our north America Technology reporter dave lee has the details. Back in mid august, weworks initial Public Offering was hotly anticipated, with private investors valuing the firm at 47 billion, with revenues that have doubled over the past year. But, just over a month later, it has all come crashing down for adam neumann, the man credited for weworks success, up until now that is. New investors were highly sceptical about weworks mounting losses and a business could be left extremely exposed in a recession. The value of the Company Quickly plummeted to less than 20 billion and, as part of that full from grace, mr neumanns own behaviour came under scrutiny. Investors were worried that he had too much control over the firm and, at times, used that time to enrich himself personally. In stepping down hell give up the majority of his Voting Rights and so will his wife, rebecca. Hell be replaced by two co chief executives, weworks current chief Financial Officer artie minson and its vice chairman, sebastian gunningham. Laura foll, fund manager, Global Equity income, at Janus Henderson investors. Good morning. Nice to see you. Ben was mentioning political turmoil in washington, impeachment, etc. That is bound to wobble markets. The markets were pretty much everywhere. The predominant reason is that nancy pelosi, the speaker of the us house of representatives has announced an impeachment enquiry. If you look at which sectors did well, it would be the defensive sectors, utility companies, Consumer Staples and bonds performed well. Japan is seen asa bonds performed well. Japan is seen as a safe haven. A bit of a flight to safety in this uncertainty. As if we need something else. It was not exclusively back yesterday. There was also Us Consumer Confidence data which looked weak. I would not blame it entirely on the impeachment enquiry. Stirling did not do a great amount of movement. Do you think the view among investors is it does not really change the basics of where we are with brexit . The general view of the markets was this was an embarrassment for the government. Parliament is back but it is not entirely clear what they will use the time to do. I do not think it changes the view of the market. Do who is an Online Clothing retailer which is doing really well. Boohoo. In a current retail environment there are impressive figures. It is not talked about much because it is not listed on the main market. The market capitalist multi billion for boohoo, almost as much as marks spencer. It could be on the ftse then . Yes, it could. Still to come. The success of supplements. One former england cricketer has set up a Nutrition Brand. Well find out how easy its been to go from sports star to businessman. Youre with business live from bbc news. Now lets turn to westminster, where mps will be heading injust a few hours time after that parliamentary suspension was lifted by the Supreme Court, and join our Political Correspondent chris mason. So chris, what happens now in parliament . Good question, a very good question. Lots of people are asking that not all are able to provide an answer. Parliament resumes at 11 30am. Government is in for an awkward day because opposition parties will revel in their discomfort. We also know they will not be a Prime Ministers question time, which is conventional on a wednesday lunchtime but that is completely out of fashion at the moment. We do not know if and when we will hear from the Prime Minister. It is pretty likely because he is on his way back from new york and will land on a couple of hours time. I bumped into a senior mp earlier this morning and said, what is the plan . Said, plan, plan . No idea. We will kick the ball when it lands. We all learned the word prorogue. That might happen again soon, mightnt it . Word prorogue. That might happen again soon, mightnt it . If there is to bea again soon, mightnt it . If there is to be a queens speech next month, as it said it did when it prorogued Parliament Last time, it is going to have to do it again. If it is for a short time, the court acknowledges it is standard procedure. The other issueis it is standard procedure. The other issue is the conservative conference, which is due to start on saturday. Jeremy corbyn has just been on the today programme on radio for saying he will not vote for a conference for saying he will not vote for a c0 nfe re nce recess to for saying he will not vote for a conference recess to allow the conservatives to disappear to manchester for a few days about ministers being hauled back down the rail line in order to answer questions in parliament. It has been a rough time for convention and it will continue to bid for the next week or two. It is keeping us all on oui week or two. It is keeping us all on our toes. De prorogation was so dramatic. I stayed up to watch it. Sainsburys are planning to close stores as sales are expected to dip. That is the latest. Youre watching business live. Our top story. British mps will head back to Parliament Today after the suspension was ruled unlawful by the Supreme Court on tuesday. Now, with more and more people wanting to keep fit, demand for sport Nutrition Products, aimed at improving athletic performance, has surged. Its big business now with its Global Market expected to be worth around 82 billion by 2023. But theres been criticism that some products contain unwanted additives. So our next guest, matt prior, launched his own sport Nutrition Brand because he wanted a truly healthy offering. The ex england cricketers brand has a range of products designed for professional and non professional athletes. With us is matt prior, founder of one pro nutrition. Welcome to the programme. Thank you very much. Tell us a bit more about this. You are injured, and so it was that big moment when you are thinking, hang on a second but it has all been about cricket and now i had an injury. You work all your life for playing cricket for england and you end up on a hospital bed having surgery. My achilles snapped. What next . That lead me into the world of business. I wanted to go and see the outside world, if you live in this bubble. Lets see what is out there. I have really enjoyed building this brand and getting into the business world. You were partly inspired to do this because when you are in the England Cricket Team and playing the sport in general, loads of these products are pushed on you all. They are in the dressing room and it is a big part of your world. You thought, actually, they are not that great. You get a behind the scenes view of what is in the products, the ingredients got what is good, bad and nasty. When you are in the england bubble in the dressing room, you are only handed the best. If you find yourself out of the dressing room, what is the best product . Trying to buy things online, what are good ingredients, what are poor ingredients. I saw an opportunity in the active Nutrition Market to create a band a brand using clean and green ingredients. It is such a competitive market. You wa nt it is such a competitive market. You want one of these products and you are overwhelmed by the range of products, what is in them, the brands. What was it that made you think, we can offer Something Different to what is already out there . It is so crowded. That is the point. It is crowded with very similar products. What people are 110w similar products. What people are now looking at far more, or they are far more aware of what they are putting in their bodies. Whether thatis putting in their bodies. Whether that is food, supplements to aid active lifestyles, training, what we have tried to do is come away from throwing in the same ingredients, the same sugars, the same trends and coming away from that and saying, what does the body need . There is a time to use premium ingredients. We have really looked at targeting what is good for you. What do you need in your body when you are training and active . It is what is good for you, not what will pump you up, but if you are up and build you up. A lot of these shakes and nutrition drinks, it is about that, isnt it . We had stayed away from that. It is not about body building, vein pimping, not about body building, vein popping, etc. It is about integrity of the product and making sure every single batch is tested to make sure there has been no contamination across any of oui there has been no contamination across any of our products. You had had a professional cricket career and are now into business. Have had. Which of your skills you had as a cricketer are most useful in your new life . The transfer from professional sport to business, there is a lot you can take. The first thing i found there is a lot you can take. The first thing ifound difficult there is a lot you can take. The first thing i found difficult was the change in language. One example, when i first started building their business and their brand and we were talking about brand values, i thought, what are they . When it was explained and i thought, that is our tea m explained and i thought, that is our team charter, i know exactly what we are doing. It is about getting business language versus sport language. Whether you are building a tea m language. Whether you are building a team to win the ashes building a tea m team to win the ashes building a team that can create fantastic sport Nutrition Products is similar thing. Were out of time but will ask you this really quickly. Who was using energy gels in the world cup . Was it then . Iam energy gels in the world cup . Was it then . I am a bit cautious to name names. then . I am a bit cautious to name names. Ben. Then . I am a bit cautious to name names. Ben. Things like that are massive. That kinda thing is what is re

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